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PREPARING FOR 2015-16 FUNDING ROUNDS
ED LACHANCE, CT DEPARTMENT OF HOUSING
MARCUS SMITH, CT HOUSING FINANCE AUTHORITY
PETER HANCE, THE AFFORDABLE HOUSING COLLABORATIVE LLC
CONN-NAHRO ANNUAL CONVENTION
SEPTEMBER 1, 2015
• The Department of Housing (DOH) is the State's
lead agency for all matters relating to housing.
• Provides leadership for all aspects of policy and
planning relating to the development,
redevelopment, preservation, maintenance and
improvement of housing serving very low, low,
and moderate income individuals and families.
• Promote affordable housing opportunities, seeks
to eliminate homelessness and catalyzes the
creation and preservation of quality, affordable
housing.
|Who We Are
• The Connecticut Housing Finance Authority
(CHFA) is a self-supporting quasi-public housing
agency formed in 1969.
• Statutorily charged with expanding affordable
housing opportunities for Connecticut’s low- and
moderate-income families and individuals.
• To date, CHFA’s combined single- and multifamily
housing finance programs exceed $11 billion.
|Who We Are
CHFA/DOH LEAN Events
Accomplishments
DOH and CHFA oversee 6 – 8 funding rounds annually
• 60+ projects per year totaling $1 billion in construction costs
• Leveraging millions of dollars in debt, subsidy and equity
SSHP
Special Round
HTCC
CHAMP/4% TEB
9% LIHTC
CHAMP/4%-TEB
DOH / CHFA Financing Schedule
• Yearly Schedule based on State Budget
• Listing of All Initiatives and Rounds
• Available at ct.gov/doh and at chfa.org
• E-Blasted to both agencies’ mailing lists
Housing Trust Fund (HTF)
• Approximately $50M in annual bonding
• Affordability up to 120% AMI
• Must be provided through competitive basis
Affordable Housing Program (FLEX)
• Approximately $50-70MM budgeted annually
• Affordability profiles up to 100% AMI
Federal Funds • HOME Investment Partnership
• Community Development Block Grant
|Financing Programs
Competitive Housing Assistance for Multifamily
Properties (CHAMP) Initiative
• Semi-Annual $25MM Rounds – Dec./June
• Affordability profiles range from 25%-120% AMI
• Prioritize:
Low Income Service
Areas of Opportunity
Readiness to proceed
Mixed Income
|Financing Initiatives
Affordable Housing Program (FLEX)
• Approximately $50-70MM budgeted annually
• Affordability profiles range from 25%-100% AMI
• Used as DOH Gap financing for:
9% LIHTC Round
SSHP Rounds
Innovations –Small Project Round
Homeownership Round
Pre-Development Loans
|Financing Initiatives
• Up to $300,000
• Consolidated Application used for both SSHP
and non-SSHP development proposals
• SSHP funded through FLEX but uses separate
source from $30MM
|Predevelopment Loans
Governor’s $300M Initiative
• State Sponsored Housing Portfolio (SSHP)2010-
2014 Pre-development and Capital funding
o Funded with FLEX funds
o $89.5M State funds awarded
o 6,495 Units assisted
• Annual rental assistance (RAP) allocation approx.
$1.5M
Energy Conservation Loan Fund
|Financing Programs
Low-Income Housing Tax Credits
• 9% - Annual Allocation - $8M
- Credits yield 10x their value in equity investment
• 4% - “As of Right” combined with Tax-Exempt Bond
financing
• Targets households at or below 60% AMI
Housing Tax Credit Contribution Program
• Annual Allocation - $10M
• Available to non-profit organizations
|Financing Programs
Permanent and construction loan
Multifamily Second Mortgage Program
CHFA Energy Conservation Loan Program
• Most energy efficient improvements eligible
• Financing terms based on projected energy savings
|Financing Programs
• Used for ALL CHFA/DOH funding rounds
• Single Excel Workbook
• Macro based workbook allows it to be used for
all applications
• Multiple Attachment Uploads
• Currently uses State BIZNET as
upload/transitioning to Sharepoint
Consolidated Application
The Process: Key Benchmarks
The Process: Key Benchmarks
Timeframe Activities
Pre-Application 1-12 mos. prior to
deadline
• Meet with owners, and
development team
• Meet with other financing
entities
Funding Rounds
1-2 per quarter
(“open” round
funding available
without deadline)
• Design Rating & Ranking
instruments
• Announce funding
• Overview sessions
Consolidated
Application
Deadlines set
generally within 3-4
mos. of funding
announcement
• Electronic submission and
download
The Process: Application
Timeframe Activities
Policy & Program
2 – 12 mos.
depending on
completeness of
application at
submission
• State & Federal law and
regulation
• State policies
• Agency objectives
Financial
Underwriting
• Balanced Sources & Uses
• Trending analysis
• Focus on long-term
savings to owners and
residents
Technical Review
• Review drawings and
specifications
• Capital Needs Assessments
• Environmental reports
• Energy efficiency
The Process: Cooperative Review
Timeframe Activities
State Bond
Commission
3-6 mos. prior to
projected closing
date
• Confirm all eligible costs
• Work with Commissioner's
Office and Office of Policy
& Management
CHFA Board of
Directors
• Confirm terms and
conditions
• Prepare recommendations
for Board review and
consideration
• Issue Term Sheet
The Process: Approval
Timeframe Activities
Closing 2-12 mos. After
approvals
• Work with counsel
• Review checklist
documents (construction
contracts, performance
bonds, zoning approvals,
etc.)
Construction 4-24 mos.
• Approve and fund monthly
requisitions
• Provide guidance on
construction observation
Occupancy
• Review leasing processes
• Program and statutory
compliance monitoring
• 30-40 year mortgages
The Process: Closing, Construction &
Occupancy
EDWARD LACHANCE (860) 270-8099
www.ct.gov/doh
MARCUS SMITH (860) 571-4314
www.chfa.org